The submitted do-files help to reproduce the tables and figures we present in this publication. Unfortunately, a majority of the data sources we use is proprietary. This includes Thomson Reuters Dealscan, Compustat, CRSP, and Capital IQ. To get to the dta-files we use for estimation purposes, the do-files entitled �Data Setup []� allow you to trace the data cleaning steps applied to the original/raw data obtained from the various sources.If there are any questions, feel free to reach out to m.jager@fs.de or s.steffen@fs.de.